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City Council invests in preserving affordable homes

December 5, 2012

This morning City Council unanimously approved an investment of $6.13 million to preserve affordable homes in the Park Tower and Lexington Arms buildings in downtown Portland.

The Park and Lexington buildings are home to more than 216 low-income older adults and people with disabilities. But the buildings were at risk of losing the federal subsidies that keep rents low.

Preserving and rehabilitating the buildings now will keep $40 million in federal subsidies right here in our community–for the people who need it most.

The Portland Housing Bureau’s investment of $3.5 million in Tax Increment Financing, and $2.63 million in federal Community Development Block Grant funds leveraged $34 million in additional public and private investment to keep these buildings affordable.